Major International Business Headlines Brief::: 11 September 2024

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Major International Business Headlines Brief:::  11 September 2024 

 


 


 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Africa: Rwanda Woos Investors to Inject $1.7bn Into Major Agriculture
Opportunities At Concluded Africa Food Systems Forum

ü  Kenya's Snow Peas to Gain Edge in UK Market As Inspection Checks Ease

ü  African Nations Boost Gold Reserves Amid Economic Uncertainty

ü  Africa: How Can Africa Make the Most of Its Minerals?

ü  Africa: Ghana Is Africa's Largest Gold Producer, but It Has an Illegal
Mining Issue - 5 Essential Reads

ü  Kenya Power Rules Out Electrical Fault in Hillside Endarasha Fire Tragedy

ü  Nigeria's Oil Output Nears 1.7m BPD 2024 Budget Benchmark

ü  Egypt's Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

ü  West Africa: A Transition to Renewable Energy in the Sahel

ü  Kenya: MPs to Commence Probe On Sh1.4bn Tax Waiver By KPA

ü  Egypt: Anglogold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition

ü  Nigeria: Nass Urged to Support 'Made in Nigeria' Products, Services

ü  Egypt: 8,000 Tons of Goods Handled At Red Sea Ports

ü  Seychelles International Airport Redevelopment to Undergo Further Review

 


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Africa: Rwanda Woos Investors to Inject $1.7bn Into Major Agriculture
Opportunities At Concluded Africa Food Systems Forum

>From avocado to chilli, to poultry, Rwanda has highlighted major
agricultural and livestock opportunities that need over $1.68 billion in
investment, with greater potential measured by market opportunities
including export, and importance in improving food and nutrition security,
according to officials.

 

This is under the "Rwanda Legacy Program" which the country launched at the
2024 Africa Food Systems Forum (AFS Forum 2024) and concluded on September
6, in Kigali.

 

The Legacy Program on Food Systems aims to provide the country with a more
operational and bankable investment. It aims to transform agriculture,
create jobs for youth and women, and boost food security in Rwanda,
according to information from the Ministry of Agriculture and Animal
Resources (MINAGRI).

 

 

"We want to be more resilient in terms of household consumption and food
security," said Ildephonse Musafiri, the Minister of Agriculture and Animal
Resources, pointing out that agriculture is the second largest contributor
to Rwanda's economy - with 27 per cent share of its GDP in 2023.

 

FAO Assistant Director-General and Regional Representative for Africa Abebe
Haile-Gabriel said, "Rwanda has demonstrated translation of political
pronouncements such as declarations into practice," pointing out that
Rwanda's achievements in agriculture are not something isolated.

 

"And it is only Rwanda that has received the Award for Best Achievers of the
Malabo Target [under Comprehensive Africa Agriculture Development Programme
(CAADP)] four times in a row," he observed.

 

 

"This is a perfect experiment laboratory for the rest of Africa, and I don't
think we should just leave it like that," he said.

 

The programme has four components. Component one agriculture (avocado,
chilli, and potato) where public and private partnership (PPP) and other
successful business models to engage young people in agri-food value chains,
technologies, successful business models, digital innovations (agritech and
fintech) apply.

 

Component two is about livestock (poultry, and beef). It consists of a
public and private partnership (PPP) approach, aimed at transforming the
poultry and beef sector and improving diet quality and nutrition.

 

Component three focuses on innovative finance, consisting of risk sharing
facility (RSF) and agri-food SME catalytic financing mechanism linked to
components one and two; while component four is about governance and
management that focuses on cross-sector coordination to ensure smooth and
efficient implementation of the programme.

 

Avocado case

 

Rwanda exported 2,230 tonnes of avocados which generated 4.7 million in
revenues in 2022, according to figures from MINAGRI.

 

Rwanda targets to increase avocado exports by an average annual growth of
155 per cent within, from 2,000 in 2024 to 31,164 tonnes in 2028/29.

 

For avocados, an investment outlay of $143.5 million is needed.

 

This includes $99 million for increasing the domestic production area from
517 ha to 4,933 ha, which is required for the production of 71,116 tonnes.

 

There is also $12.5 million required to increase processing capacity for 50
per cent of produce, with 35,558 tonnes expected to be processed under the
programme.

 

The country also targets to increase national exports to meet regional
demand from international buyers, with 12,938 tonnes expected to be
exported. An investment of $32 million is projected to this end.

 

Avocado is expected to become the most traded tropical fruit by 2030,
reaching 3.9 million tonnes of exports, overtaking both pineapples and
mangoes in quantity terms, as per the UN's Food and Agriculture Organization
(FAO), which indicates that the trend is in response to rapidly growing
global demand for the commodity.

 

USA and EU (due to assumed health benefits) will remain the main importers
by 2030 with 40 per cent and 31 per cent of global imports respectively.

 

Chilli investment outlay - $470 million

 

In 2023, Rwanda exported a total of 3,403 tonnes of chilli in fresh, dry,
and processed forms, generating $4.2 million in revenue, according to data
from MINAGRI. Looking ahead, the country aims to increase its chilli exports
by 500% over the next six years, targeting an annual volume of 38,762
tonnes. To achieve this ambitious goal, Rwanda plans to invest USD 470
million in production, processing, and export infrastructure. This expansion
will involve increasing the production area from 533 hectares to 4,457
hectares, with each hectare costing approximately $53,292. Additionally,
Minister Musafiri noted that Rwanda has established markets for chillies and
avocados in China, Europe, and the Middle East, and is also planning to
begin exporting avocados to India.

 

New Times.

 

 

 

Kenya's Snow Peas to Gain Edge in UK Market As Inspection Checks Ease

The United Kingdom has added Kenyan snow peas to its list of horticultural
products subject to reduced inspection rates, a move expected to boost
Kenya's export earnings.

 

Trade and Industry Cabinet Secretary Salim Mvurya announced that the
inspection rate for snow peas has been cut from 10 percent to 5 percent of
the total consignment, a reduction that is likely to lower exporters costs
and enhance the competitiveness of Kenyan cowpeas in the UK market.

 

Kenya exported vegetables and fruits worth Ksh20.3 billion from January to
March this year, marking a 1.5 percent increase compared to the same period
in 2023.

 

The country is optimistic that horticultural sales will rise further in the
last quarter of the year, driven by the eased UK inspection requirements.

 

Snow peas now join Kenyan cut flowers as products benefiting from less
stringent checks in the UK, following Kenya's heightened pesticide
surveillance on horticultural exports to key markets.

 

The minister also revealed that, UK investors are planning to establish a
Ksh1.3 billion macadamia and cashew nut processing facility in Lamu, aiming
to boost nut imports from Kenya to the UK.

 

Business Day Africa.

 

 

 

African Nations Boost Gold Reserves Amid Economic Uncertainty

Nairobi, Kenya — Central banks in Africa are turning to gold to protect
themselves from economic and geopolitical instability and to diversify their
financial portfolios.

 

In September 2023, the price of gold per ounce was $1,900. A year later, it
is selling for $2,500. According to the World Gold Council, an international
trade association for the gold industry, demand for the metal is expected to
increase in the next 10 months despite the soaring prices.

 

Some experts, such as Carlos Lopes, a professor at the Nelson Mandela School
of Public Governance in South Africa, attribute the African central banks'
gold rush to the need to protect their local currencies.

 

"In the last few years, because of inflation and all these movements for
stimulation packages and the rest, the returns are extremely low," Lopes
said. "On the other hand, gold is going up in terms of price because these
big banks are also going after gold as a protection. So, it is a very good
investment to go to gold."

 

 

It helps that African gold production has grown by 60% since 2010, according
to the World Gold Council, higher than a global increase of 26%.

 

In 2022, Zimbabwe launched a gold-backed currency to curb inflation and
volatility in foreign exchange rates.

 

Ghana and Uganda have been buying gold from artisanal miners to bolster
their shrinking foreign currency reserves.

 

Ghana, Africa's largest gold producer, plans to buy oil from other countries
and pay them in gold to ease pressure on local currency and lower high fuel
prices.

 

Some economists say gold cannot solve the economic problems of some African
countries.

 

According to the World Gold Council, countries should hold onto gold for its
long-term value, performance during crises and its role as an effective
portfolio diversifier.

 

Bright Oppong Afum, a senior lecturer at the University of Mines and
Technology in Ghana, said some African countries want to use gold to reduce
their reliance on the global financial system.

 

"If sanctions are laid on you, an African country, we know the devastating
effects that it will have," he said. "The African countries are developing,
or they are young, and they do not want to receive some harsh sanctions that
will negatively or strongly impact the economics. And because of that, they
are strategically reducing their dependencies on these external countries."

 

Afum said that although some Africans know and understand the value of gold,
many trade away the metal to satisfy their daily needs.

 

"So, they just find a mere buyer who will ... exploit them," he said.

 

The African Continental Free Trade Area introduced the Pan-African Payment
and Settlement System, enabling countries to trade in local currencies.
Experts say some continental payment systems, if implemented, can ease the
economic pressures some countries are grappling with.

 

That, in turn, might make them less dependent on gold.

 

VOA.

 

 

 

 

Africa: How Can Africa Make the Most of Its Minerals?

A boom in Africa's transition minerals - those minerals that are used in
technologies linked to the transition to renewable energy - is coming but
some resource-rich African countries experienced only limited benefits from
the continent's last commodity boom.

 

ALSO READ: Rwanda eyes $2bn in annual mineral export earnings by 2029

 

These are some of the key messages in a new report, How Can Africa Make the
Most of its Transition Minerals? A pledge for enhancing value addition for
development and prosperity September 2024, released by the civil society
network Publish What You Pay (PWYP), on September 5. The minerals used in
technologies linked to the transition to renewable energy include minerals
used to make renewable energy technologies, as well as those needed to help
existing technologies (such as motor vehicles) to run on electricity.

 

 

ALSO READ: Rwanda's mineral exports rake in record high $1bn in 2023

 

As noted, for things to be different this time, resource-rich African
countries need to change their approach to natural resource management.
Other key messages are that: poor governance has led many countries to be
worse off as a result of possessing natural resources in the past;
transparency and accountability around revenue management, anti-corruption
and environmental protection are paramount; and that the impacts of
transition mineral mining on the environment, society and human rights can
be severe in some cases.

 

The report states: "Demand for many of these minerals is already strong and
a source of exports for Africa. In 2022, Africa exported around $29 billion
in transition mineral products.

 

"From 1995 to 2018, transition minerals and associated products accounted
for 23% of Sub-Saharan Africa's total exports. In 2022, countries around the
world reported sourcing $55 billion in transition minerals (and metals
derived from them) from Africa. And global demand is expected to increase
further as the energy transition accelerates."

 

Even based only on governments' current stated policies, demand for key
transition minerals that Africa produces is expected to rise rapidly to
2050. If governments go further in climate mitigation than current policies
and, for example, meet their announced emissions reduction targets, it is
noted, demand for transition minerals would be significantly greater.

 

As noted, the last major boom in demand for (and prices of) the commodities
that the continent produces took place from 2004 to 2014, linked to the rise
of China and that country's rapidly increasing demand for raw materials. In
spite of higher government revenues, it is noted, some of sub-Saharan
Africa's resource-rich countries did not effectively invest in diversifying
their economies or laying the groundwork for sustained economic growth. As a
result, after the commodity boom ended, these countries experienced slower
growth than the rest of sub-Saharan Africa.

 

 

The report notes that Africa is an important supplier of transition minerals
to the world yet the continent is stuck at a relatively low level in
transition mineral value chains, where it processes some of its minerals but
is largely absent from the manufacturing of many technologies linked to
clean energy. As a result, the continent may be missing out on a key
opportunity to support inclusive growth, create jobs and reduce poverty.

 

To have the best chance at seizing this opportunity, it is noted, African
countries will need to apply the principles of effective industrial policy -
including being strategic about which parts of the value chain they try to
develop and weighing the costs and benefits of different types of government
intervention.

 

The report recommends that African countries should, among others, develop
strong policies and appropriate regulations to encourage value addition of
their transition minerals or greater participation of national companies in
supplying mining companies.

 

"But they should weigh this against other opportunities to promote new
businesses. African countries should prioritise the opportunities with the
greatest chance of delivering the widest long-term economic benefits."

 

It is also noted that development partners (countries and institutions that
provide aid to or trade with Africa) should ensure that their efforts to
acquire transition minerals (whether processed or otherwise) from Africa do
not contribute to negative side-effects - such as the suffering of local
communities and, or, destruction of the environment in mining or mineral
processing areas.

 

"In addition, they should do their utmost to ensure that workers in
transition mineral value chains and affected communities receive a fair
share of economic benefits created by them."

 

It is emphasized that countries to which Africa sells its transition
minerals can play a role in supporting the continent's ambitions to become
more involved in value chains. This is particularly true because, it is
noted, in cases such as the EU and US Memoranda of Understanding (MoUs) with
Zambia and DR Congo, and the EU's MoUs with Namibia and Rwanda, development
partners have promised to support African countries to process their
transition minerals domestically, as part of agreements designed to
facilitate access to those minerals.

 

"Where Africa's partners have made these promises, they should keep them.
This support need not be restricted to processing transition minerals
in-country, but could also cover efforts to boost local content, i.e., a
greater role for domestic companies in supplying the mining sector," the
report reads.

 

Bernard Nsanzimana, a mining governance expert, generally agrees with the
new research, albeit with some research-based critiques. He told The New
Times that Africa's "mineral-rich countries are not rich countries" due to
different reasons. These include, he noted, lack of value addition
initiatives and hence export of huge amounts of unprocessed minerals, lack
of access to sufficient investments, corruption and public funds
embezzlement as associated with lack of transparency and accountability from
government officials, poor contribution of the mining sector to the
socio-economic development of communities, environmental degradations, child
labour, sexual violence, as well as relying on mining incomes and ignoring
more opportunities as offered by other economic sectors.

 

 

Therefore, Nsanzimana supports PWYP's recommendations to governments, the
private sector, the civil society and development partners in tackling the
challenges, not simultaneously, but rather progressively with a key priority
to focus on value addition before jumping into manufacturing activities in
Africa.

 

He added: "However, the continental level research has fully ignored the
foundation laid by the Africa Mining Vision (AMV) as a policy framework
created by the African Union (AU) in 2009 to enhance transparency, equity
and the optimal development of the mineral resources to underpin broad-based
sustainable growth and socio-economic development in Africa.

 

"Though by the time of its adoption in 2009, transition minerals had not got
the same pace as today, the AU created the African Minerals Development
Centre (AMDC) in 2016 to oversee and coordinate implementation. Recent works
of the AMDC include the trends of the energy transition minerals. Note
[that] with regards to the AU, the PWYP report merely said that the 'AU is
currently developing an African Green Minerals Strategy to make the most of
the continent's transition minerals', though this was not well developed and
related to works done by the AMDC within the AMV implementation framework."

 

Poorly negotiated mining contracts with multinationals

 

Originally, Nsanzimana noted, the AMV detected that among other key
challenges faced by mineral-rich countries "include poorly negotiated mining
contracts with multinationals" and the poor mining techniques due to the
dominance of artisanal means of mining and processing (ASM) across Africa.

 

"It is good to think about value addition. But what about minerals that are
lost during the mineral ore washing at mine site level where few mineral
products are caught due to poor recovery techniques? Therefore, the upstream
value-addition should also have been thought of. What would be the role of
local basic mineral beneficiation and high-level mineral polishing, smelting
and refining if acquired products are exported at a very low cost that shall
not help countries to improve on their economic development?"

 

"The PWYP research report covered the idea of preferential trade agreements
among African countries as being negotiated within the African Continental
Free Trade Area (AfCFTA) framework and partnership agreements; but left
behind the issue of mining contracts negotiation skills and other capacities
as some multinationals will still need to invest in Africa in both mining
and processing or value addition, and in purchasing minerals from Africa.
Additionally, the PWYP report did not cover issues pertaining to illegal
mining, mineral smuggling, wars and insecurities as other key issues faced
by different mineral-rich countries."

 

Rwanda is home to transition minerals including, mainly, Beryllium and
Lithium.

 

Rwanda has so far prioritized exploration activities to fast-track the
transition minerals deposits and assess their economic viabilities before
venturing into mining, processing, value addition and the sale of the same
minerals, Nsanzimana said.

 

He said: "It is within the same context that Rwanda welcomed the second
largest mining company in the world - the UK-Australian Rio Tinto for
ongoing lithium explorations across the country. Similar activities got
launched at Trinity Metals, Musha-Ntunga mine by the senior management of
the Rwanda Mines, Petroleum and Gas Board (RMB) on the 28th November 2023.

 

To avoid illegal mining and price speculations, he recalled, on August 8,
RMB suspended the mining and trading of beryllium.

 

ALSO READ: Rwanda suspends beryllium exportation amidst cases of illegal
mining

 

"As a country aiming at becoming a mineral hub for Africa, as there are so
far companies smelting cassiterite, coltan and gold in country; I salute
Rwanda's efforts to attract investments to locally add value to the
transition minerals. One of the strategies to increase mineral income is to
stop exporting unprocessed minerals, but rather prioritize the local value
addition," Nsanzimana said.

 

New Times.

 

 

 

 

Africa: Ghana Is Africa's Largest Gold Producer, but It Has an Illegal
Mining Issue - 5 Essential Reads

Ghana is one of the world's gold hotspots. It is Africa's largest producer
of gold and it ranks sixth globally. In 2023, 4 million ounces were
produced. It is essential to Ghana's economy, contributing around 7% of
gross domestic product.

 

Ghana's gold mines are found in most parts of the country, and the mining
history can be traced back hundreds of years. However, a form of mining
known as artisanal, illegal or small-scale mining has become the most
popular. Though it is recognised by law as a legitimate livelihood source,
evidence shows that more than 85% of small-scale mining operations still
occur in the informal and illegal sector of the economy outside state
regulation.

 

Now found in 14 of Ghana's 16 regions, artisanal mining has become an
important source of revenue and income for poor people living in rural
areas. It employs over a million people and accounts for 40% of gold
produced in Ghana, according to the country's Minerals Commission, which
regulates all gold sales.

 

 

But illegal small-scale mining operations wreak havoc on the environment,
farming, cocoa production and drinking water supplies.

 

The Conversation Africa has published several articles that trace the
reasons for the surge in illegal small-scale mining and what needs to be
done about it.

 

Illegal mining headache

 

For many years, Ghana's government focused on large-scale mining.
Small-scale mining was neglected until 1989, when a new law was passed to
legalise and regularise the sector by introducing a licensing process.
Despite this, many miners remain unlicensed and aren't formally registered
in any way.

 

Over the last decade, a large number of Chinese investors and miners entered
Ghana's gold market. Ghanaian artisanal miners quickly seized the
opportunity and entered into informal partnerships with the Chinese
investors. Most partnerships were illegal because Ghana's laws reserve
small-scale mining for Ghanaians.

 

Gabriel Botchway and Gordon Crawford reveal the devastating impact this
relationship has had on communities and the sector.

 

Read more: Lifting the lid on Ghana's illegal small-scale mining problem

 

Inability to control mining

 

Illegal mining has been difficult to control, for various reasons.

 

Researcher Richard Kumah explains that though Ghana has enacted over 30 laws
to deal with its mining ecosystem, there's a disconnect between the reality
of illegal small-scale miners and the legal regime. Two major issues
underlie this disconnect.

 

First, the mines are transient but getting a mining licence is
time-consuming.

 

Second, the regulatory framework doesn't take into account the diverse
reality of operations. It is difficult for people to comply with rules that
do not adapt to their conditions: the rules will seem irrelevant to these
people.

 

 

Read more: Ghana's illegal mining continues because the rules and reality
are disconnected

 

Prince Bansah explores why successive Ghanaian governments haven't been able
to enforce the laws that exist to address small-scale mining. His study
reveals that corruption is a major obstacle.

 

Read more: Ghana's artisanal miners are a law unto themselves: involving
communities can help fix the problem

 

Finding solutions

 

Academics have proposed several solutions.

 

Richard Kumah suggests the devolution of small-scale mining decisions to
municipal and district assemblies working with traditional authorities. This
would include reforming the licensing system so that the cost of formalising
operations aligned with the complex socio-economic realities of most miners.

 

Read more: Ghana needs to rethink its small scale mining strategy. Here's
how

 

Albert Kobina Mensah argues that command-and-control strategies or
criminalisation policies don't work. Policies must address the reasons
people engage in the behaviour in the first place.

 

Solutions could potentially lie with traditional authorities. Land in Ghana
is held customarily by traditional leaders like chiefs and family heads.
Acquiring land for mining requires the informal granting of permission for a
small fee with the relevant traditional owner of the land.

 

Read more: Ghana's informal mining harms health and the land - but reforms
must work with people, not against them

 

James Boafo suggests that customary representatives must also be regular
actors in state institutions in charge of land and natural resources.

 

Read more: Ghana's traditional and state powers must collaborate to halt
illegal mining

 

Godfred Boafo, Commissioning Editor: Ghana

 

 

 

 

 

Kenya Power Rules Out Electrical Fault in Hillside Endarasha Fire Tragedy

Nairobi — Kenya Power has ruled out an electrical fault as the cause of the
fire that claimed the lives of 21 students at Hillside Endarasha Academy in
Nyeri last week.

 

Kenya Power in a statement asserted that it cut off power to the school
immediately after learning of the fire incident.

 

"As a Company, electrical safety is of utmost priority in all our
operations. Upon receiving the news of this fire incident, our team in Nyeri
switched off power supply to the school as a precautionary measure while
handling the fire incident," read the statement in part.

 

It added that it had on that fateful daydeployed a technical team to the
site for a preliminary analysis that established that the line supplying
power to the school was a low-voltage line from Mweiga Substation, which was
operating normally at the time of the incident, with no reported issues.

 

 

Additionally, Kenya Power says its installations including the meter, supply
cables, earthing systems, and fuses were found intact.

 

According to the electrical service provider, the fire also did not affect
the two prepaid meters located within the school's complex or other nearby
customers using the same transformer.

 

"Based on the findings of the preliminary analysis of our protection system,
from the meter box to the substation where the medium voltage line serving
the school emanates from, we have ascertained there was no link between the
cause of the fire and any fault on our network as alleged in sections of
media reports."

 

On Thursday last week, fire razed down a dormitory housing the pupils
claiming the lives of at least 21.

 

The fire, which broke out while the children were asleep in the dark of
night.

 

On Monday, the scientific identification of the bodies of 19 pupils began at
Narumoro Level 5 Hospital.

 

Central Regional Commissioner Pius Murugu announced that all 164 pupils who
were in the affected dormitory have now been accounted for.- Capital FM.

 

 

 

Nigeria's Oil Output Nears 1.7m BPD 2024 Budget Benchmark

There were indications that Nigeria has gotten close to meeting its 1.7
million barrels per day, bpd, 2024 budget target, yesterday, as oil output
rose month-on-month, MoM, to 1.4 million barrels per day, bpd, excluding
condensate, in August 2024, from 1.3 million bpd in July 2024, indicating an
increase of 3.4 per cent.

 

The Organisation of Petroleum Exporting Countries, OPEC, disclosed this in
its latest September 2024 Monthly Oil Market Report, MOMR, obtained by
Vanguard, adding that the data was based on information from direct
communication.

 

This was even as the Nigerian Upstream Petroleum Regulatory Commission,
NUPRC, said the nation recently produced 227,000 bpd of Condensate, meaning
the nation's total output would be more than 1.6 million bpd.

 

 

But on a year-on-year, YoY basis, the nation's output rose to 1.4 million
bpd in August 2024, from 1.2 million bpd recorded in the corresponding
period of 2023, indicating an increase of 16.7 per cent.

 

The report showed that Nigeria's output consistently rose from 1. 276
million bpd in June 2024 to 1.307 million bpd and 1.4 million bpd in July
and August 2024, respectively.

 

According to OPEC, Nigeria remains Africa's highest oil producer while Congo
emerged the least with 270,000 bpd.

 

However, when data obtained from secondary communication were considered,
OPEC maintained that Nigeria's oil output was slightly higher at 1.44
million bpd during the period, thus enhancing the total production from
OPEC-member nations.

 

It stated: "According to secondary sources, total OPEC-12 crude oil
production averaged 26.59 mb/d in August 2024, 197 tb/d lower, m-o-m. Crude
oil output increased mainly in Nigeria, Congo, and Venezuela, while
production in Libya, Iraq, and Saudi Arabia decreased.

 

 

"At the same time, total non-OPEC DoC crude oil production averaged 14.07
mb/d in August 2024, 108 tb/d lower, m-o-m. Crude oil output increased
mainly in Mexico and Bahrain, while production in Kazakhstan and Russia
decreased."

 

However, not much revenue should be expected immediately as the price of
Nigeria's Bonny Light, yesterday, hovered at $71 per barrel, indicating 8.9
per cent below the 2024 budget target of $77.96 per barrel.

 

Meanwhile, in a telephone interview with Vanguard, the National President,
Oil and Gas Service Providers Association of Nigeria, OGSPAN, Mazi Colman,
attributed the development to increased battle against oil theft in the
Niger Delta.

 

He said: "Ordinarily, Nigeria can produce over 2.5 million bpd but is
currently constrained by some factors, including pipeline vandalism, illegal
refining and oil theft.

 

"As the government and other stakeholders continue their fight against oil
theft and conclude divestment of the International Oil Companies, IoCs,
assets to indigenous companies, there are indications that the nation's oil
output would continue to rise. But as a nation, we should learn to live
beyond oil and gas."

 

Data obtained from the August 2014 edition and other Monthly Oil Market
Reports, MOMRs, of the Organisation of Petroleum Exporting Countries, OPEC,
indicated that the oil output of Nigeria was more than 1.9 million bpd
before it started dropping to the current level.

 

On its part, Shell attributed it to oil theft and other factors, stressing
that, "Most oil spills in the Niger Delta region are caused by crude oil
theft, the sabotage of oil and gas production facilities, and illegal oil
refining, including the distribution of illegally refined products."

 

Vanguard.

 

 

 

 

Egypt's Inflation Unexpectedly Quickens After Fuel Subsidy Cuts

Egypt's inflation rate rose to 26.2% in August, up from 25.7% in July,
marking an end to five months of deceleration, according to the state
statistics agency CAPMAS. The increase follows fuel subsidy cuts, disrupting
expectations of an interest rate cut for the first time since 2020.

 

The North African nation's inflation climbed 2.1% monthly in August, the
highest rate since February, compared to a 0.4% rise in July. Food and
beverage prices, a key inflation component, increased 29% annually, slightly
down from 29.7% in July.

 

Egypt's inflation had been slowing despite a nearly 40% currency devaluation
in March, which helped secure a $57 billion bailout led by the IMF and UAE.
However, recent fuel and electricity price hikes have temporarily reversed
the trend.

 

Key Takeaways

 

Egypt's inflationary pressures have resurfaced after recent fuel subsidy
cuts, ending five months of declining inflation and raising concerns about
the near-term inflation outlook, particularly as transportation and other
costs rise in response. While inflation was initially curbed by earlier
currency devaluations and a global bailout, the recent cuts to fuel and
bread subsidies have complicated the country's disinflationary efforts.
Economists expect the Central Bank of Egypt to hold interest rates steady at
27.25%, delaying any potential rate cuts until inflation slows, likely in
the first quarter of 2025.

 

Daba Finance.

 

 

 

 

West Africa: A Transition to Renewable Energy in the Sahel

Faced with major climate and development challenges, access to renewable
energy has become vital for hundreds of millions of Sahelians. In the Sahel,
a region endowed with enormous potential, UNDP has set the ambitious goal of
providing more than 150 million people with access to clean and affordable
energy by 2025.

 

Guinea: Bridging the energy gap

 

In a mountainous landscape surrounded by dense vegetation and numerous
watercourses, the isolated villages of western Guinea in the forest region
seem to move backwards in time. However, on this land with abundant rainfall
and natural resources, several communities have managed to bridge the energy
gap thanks to renewable energy.

 

 

In Guinea, energy access stands at 18.1 percent, with 47.8 percent in urban
areas and 2 percent in rural areas. As consumption is concentrated in urban
areas, rural households have almost no access to energy.

 

Thanks to the construction of hydroelectric dams, hundreds of inhabitants of
the villages of Firadou and Bolodou, separated by about 50 kilometres, now
benefit from uninterrupted electricity supply.

 

"Now we have power outlets in our homes to charge our phones and use
electronic devices. We have light to carry out our activities at night. We
can even watch television for information or entertainment," enthuses a
Firadou resident. Here, the power plant installed in 2017 and expanded in
2021 produces 43 KVA of electricity and 60 KVA in Bolodou, according to the
UNDP representative in Guinea.

 

These renewable energy projects were initiated by young people who were
tired of being disconnected and wanted to provide energy for their
communities. Prototypes were first made with available resources, and
subsequently, UNDP supported these local initiatives and helped them expand.

 

Njoya Tikum, Director, UNDP Sub-Regional Hub for West and Central Africa and
Resident Representative, UNDP Senegal

 

UNDP.

 

 

 

Kenya: MPs to Commence Probe On Sh1.4bn Tax Waiver By KPA

Members of Parliament have launched investigations into tax waivers
amounting to Sh1.4 billion issued by the Kenya Ports Authority (KPA) in the
last financial year, amid concerns that the waivers could be a conduit for
corruption.

 

The Senate Committee on Roads, Transportation, and Housing has requested
clarity on the waivers, suspecting they may disproportionately benefit
certain individuals.

 

The authority's Managing Director William Ruto informed the senators that
the waivers, mostly applied to accumulated storage fees, are guided by the
authority's policy directive.

 

 

"In terms of waivers, we have a policy that guides us in granting waivers,
which typically arise from storage charges. The parameters include donations
and humanitarian efforts, where we offer a 100 percent waiver, and for
government bodies, we provide guidance. There are also waivers for cases
with court issues," Ruto explained.

 

Documents presented to the committee, chaired by Kiambu Senator Karungo
Thang'wa, revealed details on the questionable waivers during the last
financial year.

 

A significant portion of the waivers--over 50 percent--were granted to
companies from Uganda, with reasons cited including delays in shipping
documents and health-related issues.

 

"We are concerned whether these waivers go through the dispute resolution
committee, as this is one area where KPA has previously faced corruption
accusations. Most of the waivers are going to Uganda, and we need to
understand why," Thang'wa remarked.

 

 

One notable case involved Uganda Police, which had accumulated Sh70 million
in storage fees but received an 80 percent waiver, reducing the amount to
Sh56 million.

 

Geddo Limited Uganda also benefitted from a 70 percent waiver, paying Sh3.2
million instead of the Sh7.6 million owed.

 

Joel Yawe of Uganda was granted a 50 percent waiver due to claims that he
was unable to clear his cargo from the port due to illness. Instead of
paying the full Sh4.2 million, he was directed to pay half the amount.

 

"Looking at this list, Uganda is really benefitting from these waivers. For
instance, Semanda Aaron from Uganda was granted a waiver after experiencing
difficulties clearing charges at the port due to his son's involvement in a
serious accident. We need to verify if the son actually exists," Thang'wa
said.

 

The committee chair also raised concerns that some agents in government may
misuse the waiver system for personal gain since the E-citizen platform of
channeling all government services charges had sealed loopholes for graft.

 

"We need clarity on this because there are claims that, with E-citizen
tightening controls, some agents are using the waiver system to pocket large
sums. For example, a Sh50 million waiver might see an agent pocket Sh20
million," Thang'wa said.

 

KPA's Managing Director refuted the claims, asserting that the port
authority operates under strict policy guidelines.

 

He emphasized that only 20 percent of imported goods attract storage
charges, which are then waived on a case-by-case basis.

 

"We are guided by a waiver policy, and it's important to note that the Port
of Mombasa competes with other ports. The waivers are related to storage
charges, not mandatory fees," Ruto clarified.

 

He added, "Any port that incurs storage fees indicates a level of
inefficiency. Goods are imported for use, not to be stored at the port. A
port is not a storage facility."

 

Capital FM.

 

 

 

Egypt: Anglogold Gets Egypt's Sukari Mine in $2.5B Centamin Acquisition

AngloGold Ashanti has agreed to acquire Centamin Plc in a deal valued at
£1.9 billion ($2.5 billion), as gold prices surge, prompting miners to
expand. The acquisition gives AngloGold control of Egypt's Sukari mine, one
of the world's top gold deposits, despite historical operational and
political issues following Egypt's 2011 uprising.

 

The cash and share offer includes a 37% premium to Centamin's closing price
on September 9. AngloGold's shares dropped by as much as 9.8% in
Johannesburg, marking its largest intraday decline in three years, while
Centamin surged 24% in London.

 

The move solidifies AngloGold's shift away from South Africa after selling
its last mine there in 2020. Upon completion, AngloGold shareholders will
hold 83.6% of the merged company, with Centamin investors owning 16.4%.

 

Key Takeaways

 

AngloGold Ashanti's acquisition of Centamin Plc marks another step in the
growing trend of consolidation among gold miners as bullion prices approach
record highs. By adding Egypt's Sukari mine to its global portfolio,
AngloGold strengthens its position as a leading producer, with assets across
Australia, Congo, and now Egypt. This deal reflects broader industry
dynamics, as major gold producers like AngloGold and Gold Fields seek to
acquire smaller rivals to capitalize on the rising value of gold. The 37%
premium paid for Centamin underscores the urgency to expand while prices are
high.

 

Daba Finance.

 

 

 

 

Nigeria: Nass Urged to Support 'Made in Nigeria' Products, Services

Abuja — The Idealab Agency, a federal government initiative, has appealed to
lawmakers, management, and staff of the National Assembly to promote and
patronize "Made in Nigeria" products and services. This move aims to create
and sustain employment opportunities in the country.

 

Director General Emmanuel Aondoakaa appealed at a press conference in Abuja,
emphasizing the need for partnerships to facilitate grants, aid,
scholarships, market access, employment placements, and loan programs.

 

He highlighted the challenges faced by Nigerians due to the removal of fuel
subsidies and the need for intervention programs to mitigate these
difficulties.

 

 

Aondoakaa announced the Federal Government Talent Export Initiative, which
trains Nigerians in high-level digital skills to tap into the global
economy.

 

CanHe also mentioned the World Bank Group's collaboration and the goal to
lift 50 million Nigerians out of poverty by 2027.

 

Chairman of the Idealab Board, Dr. Christiana Solanke-Olajide, commended
President Bola Tinubu's target of lifting 50 million Nigerians out of
poverty and highlighted the agency's vocational and financial empowerment
programs for unemployed and employed individuals, including skills
acquisition, catering, tailoring, soap making, and animal husbandry.

 

The agency aims to support the Sustainable Development Goals (SDGs) through
innovation, skill acquisition, and job creation. They urged the National
Assembly to mobilize and create awareness about these opportunities to
address poverty and create wealth in the country.

 

 

The agency also sought partnerships for the disbursement of grants, aid,
scholarships, market access, employment placements and loan programmes
facilitations, amongst others with special digital skills trainings.

 

Aondoakaa said partnership became necessary because of the current realities
in the economy where so many Nigerians were facing severe difficulties and
living below poverty line due to the total removal of fuel subsidy.

 

He however, said with these enormous challenges the people were facing, the
Federal Government in collaboration with the World Bank Group has put up
intervention programmes to mitigate those difficulties and create a more
prosperous future for all Nigerians especially the youths and women through
the Investment in Digital Economy and Creative Enterprise with the Idealab
Programme.

 

"One of such intervention programmes is called, the Federal Government
Talent Export initiative where ordinary Nigerians can be trained on high
level digital skills to tap into the globalisation economy by living in
Nigeria and working remotely for interventional brands and earning as much
as N10 million monthly.

 

"Travel abroad through direct employment with the World Bank Group and other
partner nations/multinationals by acquiring some special skills sets through
the

 

Idealab Agency with 100% fully funded sponsorships.

 

"Since the presidency targets lifting 50 million Nigerians out of poverty by
2027 with the implementation of these intervention programmes, Idealab
Agency is calling on

 

the National Assembly's Stakeholders to embrace these programmes on her
platform

 

through mobilisation and awareness creation to enlist more beneficiaries
from their

 

federal constituencies to access the opportunities as grants, and
scholarships, etc to solve the problems of poverty and create wealth in the
country," Aondoakaa added.

 

On her part, the chairman of Idelab Board, Dr Christiana Solanke-Olajide,
noted that grant related crisis in Nigeria today among popular and unpopular
humanitarian organisation and individuals, called for urgent government
intervention targeting lifting 50 millions Nigerian out of poverty by 2027
with implementation of programmes.

 

Vanguard.

 

 

 

Egypt: 8,000 Tons of Goods Handled At Red Sea Ports

About 8,000 tons of goods were handled at the different Red Sea harbors on
Tuesday, the Red Sea Ports Authority (RSPA) said.

 

In a statement, the RSPA said imports included 3,000 tons of goods, 202
trucks and 13 cars, while the exports included 5,000 tons of goods, 291
trucks and 50 cars.

 

Egypt Online.

 

 

 

 

Seychelles International Airport Redevelopment to Undergo Further Review

The Cabinet of Ministers has requested further exploration of other options
for certain infrastructures and the financial plan of the proposed
masterplan on the redevelopment of the Seychelles International Airport
presented in June.

 

The Minister for Transport, Antony Derjacques, made the statement on Tuesday
when answering a private notice question from the Leader of the Opposition
in the National Assembly, Sebastien Pillay.

 

Derjacques said, "The masterplan allows us to understand all the aviation
infrastructures that our airport will need in the next 30 years. It includes
all necessary structures like tourism forecast, how many, and what type of
planes will be using the airport. This will allow us to know the dimensions
of new infrastructures correctly."

 

 

He said the masterplan has been completed and the last presentation was made
to the Cabinet on June 26, but the Cabinet still had some reservations on
certain infrastructures and the financial plans.

 

"The funding that we need and the type of funding we will get into this has
not been finalised. Analyses are still being done and they are all
confidential because we are still discussing with several partners,"
explained Derjacques.

 

He added the moment the Cabinet approves the masterplan and its associated
costs, including the financial plan to be used, the information will be
given to the members of the public and the National Assembly.

 

Derjacques said that although the financial plan has not been finalised to
complete the master plan, "there are many groups that want to invest and the
Cabinet has asked the ministry to discuss and bring the options in the last
and final presentations to the Cabinet."

 

The major upgrade for the Seychelles International Airport to accommodate
the increase in traffic was unveiled in 2022 by Garry Albert, chief
executive of the Seychelles Civil Aviation Authority (SCAA), on the 50th
anniversary of the airport's existence.

 

In November 2022, EGIS Emirates was appointed to review and prepare an
updated 30-year airport master plan for the Seychelles International
Airport.

 

The selection of EGIS Emirates, a global consulting, construction
engineering, and operating firm, was completed through a request for
proposal through a memorandum of understanding (MoU) between Abu Dhabi
Airports Company (ADAC), SCAA, and the Ministry of Transport.

 

In May last year, President Wavel Ramkalawan concluded a meeting in Abu
Dhabi for the airport and Port Victoria projects.

 

Seychelles News Agency.

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2024

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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for guideline purposes only and d from third parties.

 


 

 


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